Seasoned Representation in DuPage County, Wheaton & Will County, IL
Property division is one of those divorce issues that can be highly complex as well as overwhelmingly difficult and emotional for you to deal with. Your marital property can range from the family home you have spent years in with an untold accumulation of memories as well as family heirlooms, the family pet, the family business or business interests, or valuable investment portfolios. How this issue is resolved can be critical to your financial position post-divorce and how easily you can move stably forward as a one-income single person.
At Kazmar Feely, we understand your fears and concerns. We know how vital this issue can be for you and your future. Since we deal exclusively with Illinois family law matters, we are well-versed in how this critical issue is impacted by the statutes and by the courts that deal with them. Our team brings exceptional experience, both in negotiation tactics as well as litigation skills, to this matter. We know how to protect your marital financial rights while seeking an equitable resolution based on legal standards.
Marital property division involves three factors:
- Classification. This relates to whether property is marital or non-marital (often called “separate”). Property acquired during the marriage is marital, regardless of how it is titled. Non-marital property is that acquired before the marriage, excluded by a valid prenuptial or postnuptial agreement, or property acquired during the marriage by gift, legacy, or descent.
- Valuation. This concerns the subjective value of the property, meaning that reasonable minds can differ. Examples include your home, business, or artwork. Sometimes parties agree on the value and stipulate. Where differences occur, expert services will be needed, such as an accountant, appraiser, or valuation professional.
- Allocation. This is based on Illinois law that allocates property and debt based on “equitable distribution.” Equitable does not always mean equal but on what the court considers fair and reasonable.
Courts will consider many factors in determining how to divide property and debt. These can include but are not limited to:
- What each party contributed to the marriage economically
- Non-economic contributions, such as for a homemaker and child caretaker
- Whether either party squandered assets without the knowledge of the other
- The length of the marriage
- Each party’s economic circumstances
- Prenuptial or postnuptial agreements
- Each party’s age, health, income, work skills or history, employability, liabilities, and needs
- How child custody and alimony impact this issue
- How likely each party is to acquire future assets or income
- Tax consequences
Distribution of property becomes more difficult in proportion to the size and complexity of the marital estate. The firm you choose should have the experience and credentials in keeping with the nature of your property issues.
Why Choose Kazmar Feely?
Property issues are at the core of our firm's proficiency. We have successfully litigated numerous cases with eight-figure estates, multimillion-dollar incomes, complex assets, tracing issues related to estates with internationally-held assets, and other complicated matters that held profound ramifications. Our attorneys' skill set enables superior asset/liability allocation, the discovery of hidden income/assets, and support payment litigation. Examples of specific contexts include litigation involving:
- Appraisal of Residential and Commercial Real Estate
- Valuation of Closely Held Companies
- Forensic Accounting and/or Tracing
- Analysis of Diverse, Complex, and/or Prodigious Classes of Assets/Liabilities
- Arguments Regarding Upward/Downward Deviation from Guideline Support
- Determination of True and Actual Income